The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-10-24
THE PRATHER BOYS GOOD LUCK.
A Story of Fortune in the Oil Fields Recalled
by the Death of a Horse.
Sold Everywhere.

a
by the Death of a Horse.
Bradford ga Letter in York Sun.
There died on a farm Bear lake, Craw-
ford county. few days ago, a horse that in
most important operations in the history
of oil development in Venango county
an operation by which the owner of the horse
and his two brothers. without dollar of capital,
made a million dollars apiece The horse was
known the 'Prather horse" and was former
ly the property of the late George Prather OF
Meadville 1t was nearly twenty Eight years
old.
George Prather of three brothers
John, George and Abraham-who started
country in the village of Plumer. Venaneo
county. in 1864 John Prather was married to
the daughter of an old farmer named Homden.
who lived Pthole creek, seven miles beyond
petroleum DEVELOPMENTS in 1864 In the fall of
that year representatives of corporation,
known as the United States Oil Company,
leased part of old man Holmden's farm and be-
gan putting down we'll on 1t. The era OF
bogus oil companies, which subsequently
swlndled the public out OF millions or dollars
in a few months time. was then beginning. No
one in the neigh bornood of Holnden's had any
faith in the existence Of oil therabouts but the
Prather brothers thought that on the strength OF
the United States Compahy's having begun &C
tual operations on the farm. they might utilize
the fact in little speculation of their own.
They had money. but John Prather the SON.
in law of the owner of the farm, made the latter
an offer of $25 900 for the refusal of the remain
der of his farm for sixty days. AS $2o. 600 was
more than ten times the value of his property,
Holmden took the chances of the boys belrg
able to raise the money, and readily signed the
papers.
By the middle of November the drill the
United States lease had reached third sand, tho
sand in which oil had invariably been found
along Oil creek. but no oil was found The drill
was continued, however, to delay the day OF
failure and to give opportunity for the placing
of more of the company's stock with creduous
SPECTATORS. Cold weather came and COM
PEELED operations to cease for the time. just as
the drill reached a fourth sand, something until
then unknown
The Prather bows had not done anything with
the Holrnden farm as late January, 1865.
Then they concluded to push it in the market,
as they believed few weeks more would see the
failure of the United Stotes Company's scheme.
George Prather was sent East to find customer
for the farm. At Pittsburc he interested c. B.
Duncan, of the firm of Duncan & Kent. in the
matter. and the two went on to Philadelphia to
dispose of the property: Toward the mid
ole of January the weather grew
mild and there came break up The
superintendent of the United States Company,
paid a visit to the well. with the intention of
drawing the tools and abandoning the work
His curiosity prevailed upon him to see what
the character of the fourth sand was, and he
fired up and started the drill. 1t had taken
but few turns. when 1t dropped eight feet in
the rock. and tapped the oil vein. The we'll was
tu5ed and it suddenly began flowing. spouting
oil at a 300-barrel rate.
That was before the days of oil-well 'myste-
ries" and the news of the strike on the Holmdeu
farm soon spread through the region. L he farm
at once jumped among the millions in value.
John and Abraham Prath0r were wild. Inetr
brother George was in the East trying to sell
the farm. and, ignorant of the oil strike. might
even have disposed of it for a song kilograms
were sent to him at Pitrsburgh and Philadal-
phia but he could not be found. There was as
yet no railroad communication between OH City
and Pittsburgh. George Prather owned a very
dess and sG0ns .bay young horse ani stars
ed for Pittsburg. He did not leave the
saddle until he had made the entire distance.
nearly 100 miles. over the crooked and hilly
ads ali AllephaQY
he took the cars for Philadelphia If the train
had been minute late. the Prather boys
would have lost So 900 000 for John met his
brothers George and Duncan on the Girard
House steps, as they were their way to close
out the sale of their farm for $lOO, OOO The
three took the train for Pitrsburg, and
reached the Holmden farm the day before the
sixty days refusal expired.
Pithole Creek was then overrun with excited
oil SPECTATORS, and almost any price was offered
for land. The rise of PIthole City had begun.
Mrs. Holmden, the old farmers wife. refused to
sign the deed to the farm unless the price was
put at 1925 900 AMI a present of $4,000 in gold
was given her. The $l25, 900 was quickly raised
by selling very small interest in the farm. but
the whole property came near being forfeited In
the search for the So, 600 in gold It was obtained
through the banker Culver of housewife. just
in time to save the property. The Prather boys
and Duncan made 81. 600. 900 on the property. and
all left Pitholesbefore the bottom dropped ont.
All three of the boys lost their fortunes after
ward in speculation. George died In Meadville.
The horse that had carried his brother to Pitts
news of the oil strike at Pithole was used by him
for several years. and after his death was sold to
the farmer who owned 1t until its death last
week.
Long before the crash came at Pithole it was
known that the capital of the United States Oil
Company was fictitious. and that its venture on
the Holmden farm entirely OF the wildcat
order. made for the purpose of selling its stock.
That it became suddenly of the wealthiest
companies ever organized in the oil regions, and
enabled to pay enormous dividends, was to
none much of a surprise to its projectors
themselves. Il made the fortune of every
connected with it, and is referred to still the
most successful wildcat venture in tho history
of any speculation.
All, There.
Terre Haute Express
The Indianapolis News, which does not be-